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INSURANCE INDUSTRY NEWS
Disruptive Forces Transforming Insurance
Majesco is pleased to announce the release of a new Future Trends research report, which underscores the dramatically different demands of agility, speed and innovation as we enter 2020, compared to four years ago. Ongoing shifts in consumers, technology and market boundaries are disrupting and redefining the world, industries and businesses – including insurance.
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QBE Releases “Impact InsurTech” Report
As investment in the InsurTech space continues to grow rapidly, it is increasingly critical for the insurance industry to keep abreast of key trends. QBE North America and Village Capital have released a new research report outlining trends in InsurTech that are shifting the business of insurance while increasing access to insurance.
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Element AI Launches Knowledge Scout
Element AI, a global developer of artificial intelligence-powered services and software that helps enterprises to ‘operationalize’ AI, is pleased to announce the general availability of its Element AI Knowledge Scout decision-support product.
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Quantum Computing To Affect Tech Strategy
Quantum computing has the potential to break the barriers of classical computing, forcing a redesign of the fundamental technology underlying data protection, risk modeling, and analytics. In its latest report, research and advisory firm Novarica provides an overview of quantum computing, current challenges, potential areas of impact for insurers, recommendations, and short profiles of current players actively developing solutions in this space.
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P&C Core Systems: Beyond The Basics
While underwriting and actuarial expertise are critical for P&C insurance carriers, it is imperative for carriers to have a core systems platform that can help them execute core business functions. Aite Group’s latest report explores some of the key trends within the U.S. core systems market for P&C carriers and discusses how technology is evolving to address new market needs and challenges.
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Applied Systems Acquires Indio Technologies
Applied Systems is pleased to announce it has entered into a definitive agreement to acquire Indio Technologies as a critical component of its investment in digitizing the end-to-end commercial lines submissions process across agencies, brokers, insurers and insureds.
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BrokerLink Makes Double Acquisition
BrokerLink is pleased to announce it has acquired Combius Insurance Inc. and the book of business from Newman, Oliver & McCarten Insurance Brokers Ltd., effective December 1. Terms of the transactions were not disclosed.
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U.S. Commercial Insurance Prices Keep Rising
U.S. commercial insurance prices accelerated during the third quarter of 2019, as the aggregate price change reported by carriers exceeded 4%, according to Willis Towers Watson's Commercial Lines Insurance Pricing Survey (CLIPS).
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Apollo Named Digital Innovator Of The Year
Vancouver-based InsurTech Apollo Exchange took home the trophy for Digital Innovator of the Year at the 2019 annual Insurance Business Canada Awards, beating eleven other contenders for the top prize.
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Will Marketers Abandon Personalization Efforts?
By 2025, 80% of marketers who have invested in personalization will abandon their efforts due to lack of ROI, the perils of customer data management or both, according to Gartner, Inc. In fact, 27% of marketers believe data is the key obstacle to personalization – revealing their weaknesses in data collection, integration and protection.
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CSIO Launches New eLearning Program
CSIO is pleased to announce the launch of its new educational initiative, the Digital Broker eLearning Program. The program is designed to increase brokers’ digital operational competencies, promote digital best practices, and equip brokers with knowledge-based materials and tools that improve their awareness of technology in insurance.
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Blue Cross Canassurance, Blue Cross Life Form National Alliance
The Canassurance Hospital Service Association (Blue Cross® Canassurance™) and Blue Cross Life Insurance Company of Canada are pleased to announce they will enter into a Canada-wide alliance effective January 2, 2020.
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Verisk Acquires FAST, Boosts Data & Analytics
Verisk, a leading data analytics provider, is pleased to announce it has signed a definitive agreement to acquire FAST, a leading software company for the life insurance and annuity industry. FAST offers a flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth.
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Culture, Trust Have Become Critical Priorities: EY
Although a majority of finance leaders say they have the data volumes to give stakeholders the insight they want into company culture, only 37% report quantifiable performance indicators in this area, according to EY's latest global corporate reporting survey, which highlights investors’ rising demands for more transparency and actionable insights from company reports.
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Tech-Savvy Thieves Don’t Need Car Keys
While the technology in our vehicles continues to evolve, so do sophisticated auto thieves who are using technology to bypass security systems and electronically gain access to Canadians' vehicles. Insurance Bureau of Canada (IBC) is finding that technology is having a major impact on vehicle thefts, evident in its annual list, released today, of Canada's most frequently stolen vehicles.
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Stop Thefts Of Vehicles And Their Contents
Ontario police are teaming up with the Insurance Bureau of Canada and Accident Support Services International to warn motorists to Lock it OR Lose it when it comes to securing their vehicles and valuables this holiday season.
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iA Financial Group To Acquire IAS
iA Financial Corporation Inc., the holding company of iA Financial Group, is pleased to announce that it has entered an agreement to acquire Texas-based IAS Parent Holdings, Inc. and its subsidiaries (collectively “IAS”). The acquisition creates a leading U.S. vehicle warranty platform of scale with significant synergies.
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Community Funding To Build Wildfire Resilience
Canadians can now apply for funding to support their local Wildfire Community Preparedness Day activities, and join municipalities from coast to coast in a national effort to reduce wildfire risk to local communities.
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Canadians Tighten Belts, Cancel Vacations
As winter sets in across Canada and the busy travel season begins, it appears just over half of Canadians will be spending it at home rather than take a vacation this year, according to the fourth annual Canadian Winter Vacation Confidence Index, newly released by Allianz Global Assistance Canada, a leading provider of travel insurance and assistance services.
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